Investment Management

Voya Global Multi-Asset Fund - Class A

Class T shares of the Fund are not currently offered.

Effective close of business on 01/20/17, the Voya Capital Allocation Fund changed its name to the Voya Global Multi-Asset Fund.

Return calculations prior to April 7, 2008 shows the performance of the Fund when it performed as a stand-alone fund, which invested directly in securities. Returns after April 8, 2008 shows the performance of the Fund as a fund-of-funds, which invests in other mutual funds.

Growth of a $10,000 Investment

For the period 05/31/2007 through 05/31/2017

Ending Value: $14,695.00

The performance quoted in the "Growth of a $10,000 Investment" chart represents past performance. Performance shown is without sales charges; had sales charges been deducted, performance would have been less. Ending value includes reinvestment of distributions.

Yields as of 05/31/2017

SEC 30-Day Yield Class A (Unsubsidized) 0.79
SEC 30-Day Yield Class A (Subsidized) 1.51
Distribution Yield @ NAV 1.73
Distribution Yield @ MOP 1.63

View Prospectus

SEC 30-Day Unsubsidized Yield (%) – A standardized yield calculation created by the SEC, it reflects the income earned during a 30-day period, after the deduction of the fund's gross expenses. Negative 30-Day SEC Yield results when accrued expenses of the past 30 days exceed the income collected during the past 30 days. SEC 30-Day Subsidized Yield (%) – A standardized yield calculation created by the SEC, it reflects the income earned during a 30-day period, after the deduction of the fund's net expenses (net of any expense waivers or reimbursements). Distribution Yield (Daily or Monthly Distributing Funds) - Calculated using the income dividends paid by the Fund over the past month, annualized, and divided by the net asset value per share, adjusted for any capital gain distributions made in the previous month, at the end of the period. Distribution Yield (Quarterly or Annual Distributing Funds) - Calculated using the income dividends paid by the Fund over the past 12 months, and divided by the net asset value per share, adjusted for any capital gain distributions made in the previous 12 months, at the end of the period. Distribution Yield @ NAV - Current annualized distribution rate based upon NAV is the latest dividend shown as an annualized percentage of net asset value. Distribution Yield @ MOP - Current annualized distribution rate, based upon maximum offering price which is adjusted for sales changes (MOP), where applicable, is the latest dividend shown as an annualized percentage of maximum offering price.

Calendar Year Returns %

Past performance is no guarantee of future results. Returns are shown in %. These figures are for the year ended December 31 of each year. They do not reflect sales charges and would be lower if they did. The bar chart above shows the Fund's annual returns and long-term performance, and illustrates the variability of the Fund’s returns.

Average Annual Total Returns %

  As of May 31, 2017 As of Mar 31, 2017 Expense Ratios
  YTD 1 YR 3 YR 5 YR 10 YR Gross Net 1, 2, 3, 4
Net Asset Value +7.35 +10.83 +3.37 +7.44 +3.92 1.49% 1.15%
With Sales Charge +1.17 +4.46 +1.35 +6.17 +3.30
S&P Target Risk Growth Index +7.82 +11.87 +5.48 +9.04 +4.74
Net Asset Value +4.20 +9.71 +3.06 +5.61 +3.94 1.49% 1.15%
With Sales Charge -1.80 +3.38 +1.03 +4.35 +3.33
S&P Target Risk Growth Index +4.69 +10.21 +5.23 +7.46 +4.96

Inception Date - Class A: 01/20/97

Current Maximum Sales Charge: 5.75%

1The Adviser has contractually agreed to limit expenses of the Fund. This expense limitation agreement excludes interest, taxes, investment-related costs, leverage expenses, and extraordinary expenses and may be subject to possible recoupment. Please see the Fund's prospectus for more information.

2The expense limits will continue through at least October 1, 2017. Expenses are being waived to the contractual cap.

3The Fund’s Acquired (Underlying) Funds Fees and Expenses are based on a weighted average of the fees and expenses of the Underlying Funds in which it invests. The amount of fees and expenses of the Underlying Funds borne by a Fund will vary based on the Fund’s allocation of assets to, and annualized net expenses of, the particular Underlying Funds during the Fund’s fiscal year.

4The Adviser has contractually agreed to waive a portion of the management fee through October 1, 2017.

The performance quoted represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. The investment return and principal value of an investment in the Portfolio will fluctuate, so that your shares, when redeemed, may be worth more or less than their original cost. See above “Average Annual Total Returns %” for performance information current to the most recent month-end. Returns for the other share classes will vary due to different charges and expenses. Performance assumes reinvestment of distributions and does not account for taxes.

Total investment return at net asset value has been calculated assuming a purchase at net asset value at the beginning of the period and a sale at net asset value at the end of the period; and assumes reinvestment of dividends, capital gain distributions and return of capital distributions/allocations, if any, in accordance with the provisions of the dividend reinvestment plan. Net asset value equals total Fund assets net of Fund expenses such as operating costs and management fees. Total investment return at net asset value is not annualized for periods less than one year.

Benchmark Disclosures

S&P Target Risk Growth Index

The Standard and Poor's ("S&P") Target Risk Growth Index is a broad-based index that seeks to measure the performance of an asset allocation strategy targeted to a growth-focused risk profile. The index is fully investable, with varying levels of exposure to equities and fixed-income through a family of exchange-traded funds. The index offers increased exposure to equities, while also using some fixed-income exposure to diversify risk. The index returns include the reinvestment of dividends and distributions net of withholding taxes, but do not reflect fees, brokerage commissions, or other expenses. Investors cannot directly invest in an index.

Principal Risks

All investing involves risks of fluctuating prices and the uncertainties of rates of return and yield inherent in investing. This Fund may be suitable for those with an investment horizon of more than five years. May Allocate Assets to a fund or market that underperforms other asset classes. Foreign Investing does pose special risks including currency fluctuation, economic and political risks not found in investments that are solely domestic. Risks are intensified in Emerging Markets. Risks of the REIT's are similar to those associated with direct ownership of Real Estate, such as changes in real estate values and property taxes, interest rates, cash flow of underlying real estate assets, supply and demand, and the management skill and credit worthiness of the issuer. As Interest Rates rise, bond prices fall, reducing the value of the Fund's share price. High-Yield, Lower-Grade Debt Securities are highly speculative and more volatile. The Fund may select and substitute Underlying Funds and may be subject to potential conflicts of interest based upon the fact that fees paid to Voya Investment Management by some Underlying Funds may be higher than fees paid by other Underlying Funds. Other risks of the Fund include but are not limited to: Credit Risks; Debt Securities Risks; Market Trends Risks; Other Investment Companies' Risks; Price Volatility Risks; and Portfolio Turnover Risks. Investors should consult the Funds' Prospectus and Statements of Additional Information for a more detailed discussion of the Funds' risks.
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